According to Dimitris Andriopoulos, CEO of Dimand, who commented the company's financial results on a presentation to Institutional Analysts, in 2024 the listed company expects to more than double its gross profit (in 2023 they reached 17 million) and c.€100 million in its coffers, from the five projects worth approximately €350 million that are expected to be completed in 2024. Specifically, in the current year the company plans to divest from the office building it is constructing in Kifisias avenue that is leased to PwC and its sale to Eurobank has been agreed.
By June 2024, the reconstruction of the Tower of Piraeus by Piraeus Tower S.A. will be completed (a joint venture of DIMAND with the European Bank for Reconstruction and Development (EBRD) 70% and Prodea Investments 30%) All areas have fully leased with rents reportedly reaching €30/sqm on the upper floors.
On the ground floor, the new store of almost 1,200 sq.m., of JD Sports Fashion, is already operating, while the opening of the new Zara, Zara Home, will take place in May. In the emblematic building, the offices from the 9th to the 14th floor have been rented by the Greek start-up Dialectica, while in April Anti Pollution, one of the largest companies providing services for Port Reception Facilities for Solid Waste from Ships, will be installed on the 22nd floor of the Tower. Cargo Residues, as well as one of the largest Waste Management companies in the Mediterranean, a member of Byron Vassiliadis' V Group.
In 2024, the first phase of MINION's reconstruction will be completed in the buildings B-G-D-E, which will be redeveloped into offices and shops, with the part of the office space having already been leased to two companies for €21-€22 / sq.m., while it will immediately begin the construction of 36-37 houses that will be developed in the second phase with sales prices starting from €5,500 and reaching €10,000 / sq.m. and a waiting list of 120 prospective buyers.
The EEDE building in the center of Athens is also ready for ELTA to be installed, while HUB 26 (25,000 m2 office building in Thessaloniki), which has tenants for 75% of the office space, will be handed over to Prodea AEEAP within the year. by September it will be fully leased.
Skyline
In the third quarter, the transfer of all the properties of Project Skyline to the syndicate scheme in which Dimand is the lead investor (55% Dimand, 25% Premia Properties, 20% EBRD) which controls 65% of the portfolio with Alpha Bank will be completed to keep the remaining 35%.
Through Skyine, he will acquire a portfolio of 700 properties, the vast majority of which will be sold, while for approximately 50-70 properties, 45-60 million euros will be invested over a 5-7 year horizon for their upgrade, which in some cases also includes a change of use. Among Skyline's properties is the iconic complex of buildings on Aiolou and Sofokleous streets as well as the building on Stadiou and Korai streets.
Dimand, which receives an extra fee for maturing the projects, has created a separate management team for Skyline, targeting similar projects in the future.
New projects
The company is also running real estate redevelopment projects for the next three years, such as the former Athenian Paper Mill property in Botaniko with a total area of 50,000 sq.m., which is being upgraded and changed use. According to Mr. Andriopoulos, Dimand is already in discussions with two interested parties for the installation in part of the building (15,000 m2) of a private university annex.
In addition to the university campus, in another part of the property, student housing will be developed that could be rented by both the students of the private university and the students of the Faculty of Agriculture which is right next door.
Soon the company will sign the development of new projects with reduced risk, as described by Mr. Andriopoulos. These are three new projects in Athens, one as an independent investment by the company, and the other two with co-investors, which are expected to be finalized within the first half of 2024.
